Job openings in October are down 617,000 to 8.733 million after a downward revision to 9.350 million in September and are down from 10.471 million in October 2022. The October level is not materially different from the consensus of 9.400 million in the Econoday survey of forecasters. The level of job openings in October is the lowest since 8.399 million in March 2021.

Private industry job openings are down 635,000 in October. The largest decrease is 238,000 in education and health care, and most from a 236,000 drop in heath care. There are also substantial declines of 217,000 in financial activities, 136,000 in leisure and hospitality, and 95,000 in trade, transportation, and utilities. Government job openings are up 17,000 in October. The job openings rate is down to 5.3 percent in October from 5.6 in September.

The number of new hires is little changed in October, down 18,000 to 5.871 million. Hiring in private industries is down 22,000 and government is up 4,000. Hiring is solid at up 94,000 for professional and business services and 66,000 for construction, but down 105,000 in leisure and hospitality. The hires rate is down a tenth to 3.7 in October.

Total separations are up 51,000 to 5.646 million in October from the prior month. Separations in private industry are up 56,000, including 34,000 in construction. Separations are down 83,000 in leisure and hospitality. The separations rate is unchanged at 3.6 in October from September.

Total quits a subset of separations are down 18,000 to 3.628 million in October from September. Churn in the labor market continues to ease, and in a few pivotal industries where changing jobs in search of better pay and/or benefits is prevalent. The number of quits in leisure and hospitality is down 63,000 in October. On the other hand, some industries which are still in need of skilled workers are seeing workers quitting: quits in construction are up 35,000 and professional and business services are up 97,0000. The quits rate is unchanged at 2.3 in October from September.

The number of layoffs and discharges are up 32,000 to 1.642 million in October from the prior month. Layoff activity has not picked up appreciably despite some cooling in the economy. Private industry layoffs are up 29,000 from the prior month and government up 3,000. The separation rate is 1.0 in October, the same as in September.

Today's data including this report leave the Relative Performance Index at zero to indicate that recent US economic data on net are exactly meeting Econoday's consensus forecasts.

September's 9.553 million was higher than expected with 9.4 million the consensus for October.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.